Ukraine needs to raise UAH 120 billion by increasing taxes by 2025 - Marchenko

Minister of Finance Serhii Marchenko said that by 2025, Ukraine needs to raise UAH 120 billion through increased taxes.

He said this in an interview with the publication RBC-Ukraine, the Ukrainian News agency reports.

"The preferred option for the country is to collect UAH 120 billion by increasing taxes this year. It is possible, but systematic parliamentary work is needed. For now, we have a pause due to a break in the work of the Rada, and this pause worries us. But I hope that after the forced break, the parliament will quickly make the necessary decisions," the minister said.

Marchenko noted that the increase in taxes will still not allow to completely cover the needs of the Defense Forces and the "hole" in the budget still exists.

"Thus, there was USD 5 billion in May, now it is already USD 6 billion. But we still need to cover the needs, taking into account the fact that we transferred funds from the financial support of the military to the procurement of weapons at the beginning of this year. Because of this, the total need is UAH 500 billion, which we predicted in the changes to the budget. This is roughly USD 12 billion," the Minister of Finance said.

At the same time, he noted that there are no items of state budget expenditures that could be reduced.

As the Ukrainian News agency earlier reported, in mid-July the Cabinet of Ministers approved draft laws proposing to raise taxes by a total of UAH 140 billion by the end of the year, and to increase spending on defense and security forces by UAH 495.3 billion.

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